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walkingded
Posts: 1
Registered: ‎02-10-2013
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County Supplemental Assessment

Recently purchased a home last year. It was a shortsale arms length open market transaction that took almost half a year for the lien holders to approve. To our surprise, we received a notification of supplemental assessment from the county early this year. They reappraised the property and decided to add another few hundred thousand dollars to the value of the property over the final sales price. We have contacted the assessor and couldn't get them to budge. So now we're left with trying to appeal the assessment. Has anyone else experienced a similar situation? Is this a normal practice for the county?
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sheriff
Posts: 2,352
Registered: ‎06-01-2012
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Re: County Supplemental Assessment

It is a normal practice when you buy a short sale below market value.  The county will assess it at what they think is current market value.  If you think it is unfair, appeal it, bring comps to the appeal and also an independent appraisal.  Most likely, you got a good deal on the short sale and they are making an adjustment for it.

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SamShuehRealtor
Posts: 935
Registered: ‎10-27-2008
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Re: County Supplemental Assessment

When you fight it,  it is short term gain. Next year there will be steep increase.   I would start checking Redfin see what it says. What you get is a computerized version. When you petition it is a human version. They will not agree with you or appraiser's pick but will back off a bit.

 

All most all home owners this year will pay more property taxes due to signigicant price increase.